Night Trading
- Asian equity indices are -2.0% to -1.0% on average.
- Asia Ex-Japan Investment Grade CDS Index 58.75 +2.75 basis points.
- China Sovereign CDS 34.5 +1.25 basis points.
- Bloomberg Emerging Markets Currency Index 66.25 -.16%.
- FTSE 100 futures -1.0%.
- S&P 500 futures -1.5%.
- NASDAQ 100 futures -1.8%.
Earnings of Note
Company/Estimate
Before the Open:
- (STZ)/1.85
- (GBX)/.43
- (LEN)/1.89
- (SCHN)/-.16
- (WBA)/1.41
After the Close:
- (BBBY)/.03
Economic Releases
8:15 am EST
- The ADP Employment Change for Dec. is estimated to rise to 160K versus 67K in Nov.
10:30 am EST
- Bloomberg
consensus estimates call for a weekly crude oil inventory decline of
-3,185,000 barrels versus a -11,463,000 barrel decline the prior week.
Gasoline supplies are estimated to rise by +2,700,780 barrels versus a
+3,212,000 barrel gain the prior week. Distillate inventories are
estimated to rise by +3,956,780 barrels versus a +8,776,000 barrel gain
the prior week. Finally, Refinery Utilization is estimated to rise by
+.06% versus a +1.2% gain prior.
3:00 pm EST
- Consumer Credit for Nov. is estimated to fall to $16.0B versus $18.91B in Oct.
Upcoming Splits
- None of note
Other Potential Market Movers
- The Fed's Brainard speaking, German Factory Orders report, $24B 10Y T-Note auction, weekly MBA Mortgage Applications report and the (COST) Dec. sales results could also impact trading today.
Market Hours
Normal:
- 9:30 am - 4:00 pm EST
BOTTOM LINE:
Asian indices are lower, weighed down by consumer and financial shares
in the region. I expect US stocks to open lower and to maintain losses
into the afternoon. The Portfolio is 75% net long heading into the day.
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